AMGN wheel: cash-secured put & covered-call yields
Amgen Inc · Healthcare · $418.13 close on Sep 28, 2026
What the Sep 28, 2026 close says about AMGN
At 27.4% implied volatility, the options market is pricing a one-standard-deviation move of about $33.97 (8.1%) in AMGN by Oct 30, 2026, 32 days out.
Selling the $405 put (−0.32Δ) for $7.75 means assignment would leave a cost basis of $397.25, 5.0% below the $418.13 close.
The 81-day 0.30Δ put pays 1.4× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.242 vs $0.132).
At 0.30Δ on the Oct 30 expiry the put yields 1.91% on its strike and the call 1.15% on spot: puts pay 1.7× what calls do on AMGN this session.
Moving down to the $395 put (−0.23Δ) buys 2.4% more room below spot and keeps 65% of the 0.30Δ premium.
Open interest in the stored window totals 7,168 contracts; the largest single line is the $440 call expiring Dec 18 with 1,063 (14.8% of the window).
By options volume AMGN ranks #248 of 441 names in our universe.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on AMGN
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $405 | −0.32 | $7.75 Sep 28 | $775.00 | $40,500 | 1.91% | 21.8% | $397.25 | 1 | 10 |
| 0.20Δ | $395 | −0.23 | $5.05 Sep 28 | $505.00 | $39,500 | 1.28% | 14.6% | $389.95 | 4 | 1 |
Snapshot #58 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $390 | −0.27 | $10.70 Sep 28 | $1,070.00 | $39,000 | 2.74% | 12.4% | $379.30 | 258 | 95 |
| 0.20Δ | $380 | −0.22 | $8.10 Sep 28 | $810.00 | $38,000 | 2.13% | 9.6% | $371.90 | 326 | 2 |
Snapshot #58 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on AMGN
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $440 | 0.28 | $4.80 Sep 28 | $480.00 | 1.15% | 13.1% | 6.38% | 72.8% | 8 | 16 |
| 0.20Δ | $450 | 0.22 | $3.72 Sep 28 | $372.00 | 0.89% | 10.1% | 8.51% | 97.1% | 17 | 18 |
Snapshot #58 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $455 | 0.30 | $9.25 Sep 28 | $925.00 | 2.21% | 10.0% | 11.03% | 49.7% | 30 | 2 |
| 0.20Δ | $475 | 0.20 | $5.76 Sep 28 | $576.00 | 1.38% | 6.2% | 14.98% | 67.5% | 0 | 5 |
Snapshot #58 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
AMGN volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 27.4%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 7,168 contractssession 2026-09-28
- Largest open-interest line
- $440 call · Dec 18 · 1,063
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #248 of 441 optionable names by options volume
How these numbers are made
One end-of-day snapshot per session from a 15-minute-delayed feed. A premium is a contract’s last trade, used only if it printed that session, sits above intrinsic value and is in order with its neighbours; deltas are the feed’s own. Expiries are the first at least 30 and 60 days out, and nothing under 30 days is annualized. Not investment advice. Full methodology.
- We are building our own daily implied-volatility history (1 of 252 sessions so far); IV rank and percentile need a full year of it.
- Our data provider does not license announced earnings dates, and we do not publish estimates.
- Our data feed carries last trades, not live bid/ask quotes, so we cannot show a spread.